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Quoting from another Oracle press release:

  • Oracle is announcing its plans for advancing the Java Platform, Standard Edition (Java SE) and optimizing it for new application models and hardware, including extended support for scripting languages, increased developer productivity and lower operational costs.

  • The announced roadmap for the OpenJDK accelerates the availability of Java SE with two releases, one in 2011 and one in 2012. These OpenJDK releases will continue to serve as the basis for the Oracle Java Development Kit (JDK) 7 and JDK 8.

  • The decisions regarding the features to be included in the JDK 7 and JDK 8 releases were made with active participation of the Java community.

  • The OpenJDK project continues to thrive with contributions from Oracle, as well as other companies, researchers and individuals. The OpenJDK licensing model remains the same.

  • Oracle is currently working to merge the Oracle Java HotSpot Java Virtual Machine (JVM) and the Oracle JRockit JVM into a converged offering that leverages the best features of each of these market-leading implementations.

  • Oracle plans to contribute the results of the combined Oracle Java HotSpot and Oracle JRockit JVMs to the OpenJDK project.

  • The Oracle JDK and Java Runtime Environment (JRE) will continue to be available as free downloads, with no changes to the existing licensing models.

  • Premium offerings such as JRockit Mission Control, JRockit Real Time, Java for Business and Enterprise Support will continue to be made available for an additional charge.

“Oracle has a strong vested interest in the success of the Java platform and is firmly committed to advancing Java SE and accelerating its release schedule,” said Adam Messinger, vice president of development, Fusion Middleware, Oracle. “Oracle also recognizes the pivotal role that the Java community serves in the evolution of the Java platform and pledges to increase both our collaboration with the community and the openness of our development process.”

Taken from Oracle's second press release talking about OpenJDK in the last couple of days.